The Rating (Former Agricultural Premises and Rural Shops) Act 2001 has gained royal assent. The Act includes a five-year rate relief scheme to provide mandatory 50% rate relief to all new small-scale non-agricultural businesses on farms to help diversification.
Agricultural land and buildings are currently exempt from non-domestic (business) rates, but when any such property is used for other purposes, it becomes rateable. The Rating Act will give such properties, with rateable values below £6000, 50% mandatory rate relief, and will give local councils the discretion to boost the rate relief to 100%.
The Act also extends the current village shop rate relief scheme to other small rural businesses.
The government has indicated that it intends to implement the provisions of the Act as soon as possible.
PLS News 14/5/01
